Sam’s Club to offer small business loans
Retail giant Sam’s Club will begin offering loans of up to $25,000 to members who are small business owners. The division of Wal-Mart Store, Inc. is teaming up with Superior Financial Group, one of 13 federally licensed nonbank lenders for the program. Already, nearly half of Sam’s Club members are small-business owners who account for more than half of the store’s revenue. The store says that 15 percent of those members say they have been denied loans from other lenders in the past.
We talk with Catherine Corley, vice president of membership at Sam’s Club, about the program.
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